If Russia-Ukraine War Drags On, India To Consider Alternative Pay Mechanism: Report
NDTV
India may consider alternative payment mechanisms for exporters if the Russia-Ukraine conflict continues for a long time, government sources said.
India may consider alternative payment mechanisms for exporters if the Russia-Ukraine conflict continues for a long time and critical trade sectors such as gems and jewellery face a problem in international cash transfer, government sources said on Tuesday.
This consideration came against the backdrop of the Russia-Ukraine war and sanctions being imposed by western countries, including the Group of Seven (G-7) economies, that has imposed punitive sanctions against the Russian central bank.
They have also decided to remove Russian banks from the SWIFT inter-banking system, intended to isolate Russia from global trade.
"India is closely monitoring its foreign trade situation in the wake of the Ukraine situation and may consider alternative payment mechanisms if the adverse situation continues for a long time and key trade sectors such as gems and jewellery face a problem in international cash transfer," one of the sources said.
